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The futures breached a midpoint support by two cents, implying more weakness to come, but the surprisingly sharp reversal that followed looked more like Silver wanted to fly. A recalcitrant Gold appeared to restrain the impulse, however, and the September contract ended the day in a holding pattern that left it unchanged since last Thursday. On balance, my bias is negative for the short-term, with jeopardy down to as low as 17.160 if the futures should close below 17.635. Alternatively, a thrust today exceeding 17.935 would offer the first hint of incipient strength.
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A Dire View of the Gulf Oil Gusher
by Rick Ackerman on July 7, 2010 12:01 am GMT · 81 comments
[The exceedingly gloomy analysis of the Gulf oil-gusher that ran here yesterday elicited many interesting comments. Generally speaking, and much to our surprise, readers did not reject the author's doomsday thesis out-of-hand. We are airing Erich Simon's article for a second day in the hope that it will generate further, enlightening discussion. The environmental health of the planet may hang in the balance, as many seem to understand. As of this moment, however, no one can say for certain that the "fix," a relief well due to be completed by August, will save the day for Mother Earth. RA ]
With U.S. military Insiders (BP shills in tow) now close enough to peer over the Continental Shelf, down the sloping, innocuous, white sandy overlay into millions of years of sediment covering who-knows-what, they are still unable to see further into the miles of drill casings inside the ‘relief’ bores – unable to look into the fiery bowels of a sleeping enemy whose size and power once unleashed can turn humans into frozen statues. Meanwhile, the latest qualitative, operational drivel continues to escape both sides of BP’s mouth.
Here they are, the Masters of Deep-Earth Exhuming, standing mere feet across a line from their target, and nothing is slated until August under the auspices of a “delicate” operation. Is drilling into the side of a hundred million atomic bombs…delicate? After all, the reddish-black oil » Read the full article